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Pamela Cain-Bankruptcy/Marriage

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Pamela Cain

Junior Member
What is the name of your state? Wisconsin
I am in process of filing bankruptcy, and my boyfriend is concerned about how it may affect his credit and/or assets if we were to be married.
I'd like to know exactly how he may be affected. Could we purchase a house or car together? Could it affect his current home loan, etc. Thank You
 


TigerD

Senior Member
It will be quite spendy for him. Once you are married (after the BK) you can expect the car insurance to spike as credit is considered in insurance rating. You won't be able to buy a house with him - unless his credit is excellent - any time soon.

If you have any other alternative to BK, I'd seriously investigate it first.

DC
 

bigun

Senior Member
Some insurance companies will raise rates for a bk and others don't.
With 2 years of clean credit post bk, you qualify for FHA mortgages at market rates. 3 or 4 years later, you will qualify for more conventional products.
My suggestio is, concentrate on fixing the problems that caused the bk. Get some money in the bank and max out your 401K,etc. Loans post bk will take care of themselves as time marches on.
 

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